Do you shop with a credit card?
Credit cards (yes, all of them) charge an extra fee for international payments, even if they are charged in US Dollars.
You may not expect it, because PayPal is a San Jose, California company, but when you pay a seller in another country (including the Hong Kong "extreme" shopping sites) PayPal's subsidiary company in that country is the merchant of record and you will be hit with an international fee somewhere on the order of 3-5% of your payment.
To avoid this fee, use PayPal Balance or Bank Transfer. Even if you usually use a cash back card, chances are the fee is more than you're making in cash back.
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